Alien Metals partner raises A$7.5m for Munni Munni project

Alien Metals’ JV partner GreenTech Metals has raised A$7.5m (part of more than A$12m raised in six months) to fund Phase II exploration at the Munni Munni platinum–palladium–copper–nickel project and GreenTech’s Whundo project. Alien sold 9m GreenTech shares at A$0.075, raising ~A$700k, and will hold 37.9m GreenTech shares (c.10% post-tranche) while retaining a 30% interest in Munni Munni, carried to a bankable feasibility study. The fresh funding materially increases available exploration and technical work, which is positive for project development prospects; however, Alien Metals’ shares fell about 8% in London to 0.14p on the announcement, reflecting short-term market caution. Overall, the financing improves project optionality but produced a mixed near-term market reaction.